SEC Staff Eyes Civil Action Against Comverse

Law360, New York (March 25, 2008, 12:00 AM EDT) -- Comverse Technology Inc. learned Friday that the staff of the U.S. Securities and Exchange Commission will recommend that the SEC file a civil action against the company, alleging violations of securities laws, according to Comverse's most recent regulatory filing.

In a Form 8-K filed with the SEC on Monday, Comverse disclosed that it received a Wells Notice stemming from the commission's probe into the company's past stock option grant practices and other “unrelated accounting matters.”

Comverse's 8-K noted that recipients of a Wells Notice have the...
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